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EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 [SI 2018 No. 1149]Introductory TextPart 1 General provision (reg. 1)Regulation 1 Citation, commencement and interpretationPart 2 Repeal of passport rights, etc., under Part 3 of the Financial Services and Markets Act 2000 (regs. 2-4)Regulation 2 Repeal of passport rights, etc.Regulation 3 Consequential amendmentsRegulation 4 Saving provision: taxPart 3 Transitional and saving provision: applications for permission to carry on a regulated activity (regs. 4-21)Chapter 1 Modifications of Part 4A of the Financial Services and Markets Act 2000 (regs. 5-7)Regulation 5 Persons to whom the modifications of Part 4A of the Financial Services and Markets Act 2000 applyRegulation 6 Modifications of Part 4A of the Financial Services and Markets Act 2000Regulation 7 Persons who cease to be authorised to carry on a regulated activity before IP completion dayChapter 2 Temporary permission to carry on a regulated activity (regs. 8-10)Regulation 8 Deemed permission under Part 4A of the Financial Services and Markets Act 2000Regulation 9 Application of regulation 8Regulation 10 Conditions to be satisfied for regulation 8 to applyChapter 3 Temporary variation to carry on additional regulated activity (regs. 11-13)Regulation 11 Deemed variation under Part 4A of the Financial Services and Markets Act 2000Regulation 12 Application of regulation 11Regulation 13 Conditions to be satisfied for regulation 11 to applyChapter 4 Temporary permission and variation: procedure, etc. (regs. 14-16)Regulation 14 Steps to be taken before IP completion day: application or notificationRegulation 15 Regulator's responseRegulation 16 Further information to be supplied by a person to whom regulation 8 or 11 appliesChapter 5 Temporary permission and variation: duration (reg. 17)Regulation 17 Period during which regulation 8 or 11 is to applyChapter 6 Savings (regs. 18-19)Regulation 18 Requirements imposed by a domestic regulatorRegulation 19 Requirements imposed by a home state regulatorChapter 7 General provision (regs. 20-21)Regulation 20 DirectionsRegulation 21 InterpretationPart 4 Transitional provision: miscellaneous (regs. 22-26)Regulation 22 Persons to whom the modifications in regulations 23 to 25 applyRegulation 23 Performance of regulated activities - modifications of Part 5 of the Financial Services and Markets Act 2000Regulation 24 Financial Services Compensation Scheme - modifications of Part 15 of the Financial Services and Markets Act 2000Regulation 25 Insurance and reinsurance - modification of Part 4 of the Solvency 2 Regulations 2015Regulation 26 Persons who cease to be authorised to carry on a regulated activity before IP completion dayPart 5 Power to amend time limits (reg. 27)Regulation 27 Power to amend time limits imposed by modifications under Parts 3 and 4 of these RegulationsPart 6 Transitional and saving provision: limited permission to carry on a regulated activity (regs. 28-46)Chapter 1 Temporary limited permission to carry on a regulated activity (regs. 28-33)Regulation 28 Deemed permission under Part 4A of the Financial Services and Markets Act 2000Regulation 29 Application of regulation 28Regulation 30 Conditions to be satisfied for regulation 28 to apply: persons who cease to be authorised on IP completion dayRegulation 31 Conditions to be satisfied for regulation 28 to apply: persons to whom regulation 8 ceases to applyRegulation 32 Conditions to be satisfied for regulation 28 to apply: persons to whom regulation 47 ceases to applyRegulation 33 Regulated activities to which regulation 28 appliesChapter 2 Temporary limited variation to carry on additional regulated activity (regs. 34-40)Regulation 34 Deemed variation under Part 4A of the Financial Services and Markets Act 2000Regulation 35 Application of regulation 34Regulation 36 Conditions to be satisfied for regulation 34 to apply: persons who cease to be authorised on IP completion dayRegulation 37 Conditions to be satisfied for regulation 34 to apply: persons to whom regulation 8 ceases to applyRegulation 38 Conditions to be satisfied for regulation 34 to apply: persons to whom regulation 11 ceases to applyRegulation 39 Conditions to be satisfied for regulation 34 to apply: persons to whom regulation 28 ceases to applyRegulation 40 Regulated activities to which regulation 34 appliesChapter 3 Temporary limited permission and variation: duration (reg. 41)Regulation 41 Period during which regulation 28 or 34 is to applyChapter 4 Modifications of the Financial Services and Markets Act 2000 (regs. 42-43)Regulation 42 Modifications of Part 2 of the Financial Services and Markets Act 2000Regulation 43 Modifications of Part 4A of the Financial Services and Markets Act 2000Chapter 5 Savings (regs. 44-45)Regulation 44 Requirements imposed by a domestic regulatorRegulation 45 Requirements imposed by a home state regulatorChapter 6 Interpretation of Part 6 (reg. 46)Regulation 46 InterpretationPart 7 Transitional and saving provision: exemption from the general prohibition (regs. 47-68)Chapter 1 Exemption from the general prohibition (regs. 47-52)Regulation 47 Exemption from the general prohibition under Part 2 of the Financial Services and Markets Act 2000Regulation 48 Application of regulation 47Regulation 49 Conditions to be satisfied for regulation 47 to apply: persons who cease to be authorised on IP completion dayRegulation 50 Conditions to be satisfied for regulation 47 to apply: persons to whom regulation 28 ceases to applyRegulation 51 Conditions to be satisfied for regulation 47 to apply: persons to whom regulation 34 ceases to applyRegulation 52 Regulated activities to which regulation 47 has effectChapter 2 Exemption from the general prohibition: procedure, etc. (regs. 53-54)Regulation 53 Notification by a person to whom regulation 47 appliesRegulation 54 Information to be supplied by a person to whom regulation 47 appliesRegulation 54A. Information to be supplied to a party to a contract with a person to whom regulation 47 appliesChapter 3 Exemption from the general prohibition: regulation (regs. 55-62)Regulation 55 Variation and cancellation of an exemption under regulation 47Regulation 56 Variation and cancellation: procedureRegulation 57 Variation and cancellation: appealRegulation 58 Restriction on financial promotionRegulation 59 Product intervention rulesRegulation 60 Information gatheringRegulation 61 Publication of information provided under regulation 54 or 55Regulation 62 Public censureChapter 4 Exemption from the general prohibition: fees (reg. 63)Regulation 63 Power to charge feesChapter 5 Exemption from the general prohibition: regulator functions (regs. 64-65)Regulation 64 Disapplication of supervision, etc., requirementsRegulation 65 Exemption from liability in damagesChapter 6 Exemption from the general prohibition: duration (reg. 66)Regulation 66 Period during which regulation 47 is to applyChapter 7 General provision (regs. 67-68)Regulation 67 DirectionsRegulation 68 Interpretation of Part 7Part 8 Transitional provision: miscellaneous (regs. 69-72)Regulation 69 Performance of regulated activitiesRegulation 70 Financial Services Compensation Scheme: a person to whom regulation 28 or 34 appliesRegulation 71 Financial Services Compensation Scheme: a person to whom regulation 47 appliesRegulation 72 Insurance and reinsurance modification of Part 4 of the Solvency 2 Regulations 2015Part 9 Power to amend the duration of transitional and saving provision under Parts 6 and 7 (reg. 73)Regulation 73 Power to amend the duration of transitional and saving provisionSchedule - Repeal of passport rights - consequential amendmentsSchedule, Part 1 The Financial Services and Markets Act 2000 (c. 8) (paras. 1-23)Schedule, Part 2 Other primary legislation (paras. 24-44)Schedule, Part 3 Secondary legislation (paras. 45-94)SignatureExplanatory NoteExplanatory Memorandum
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 March 2019 - onwards

Regulation 42 Modifications of Part 2 of the Financial Services and Markets Act 2000

In respect of a person to whom regulation 28 or 34 applies, section 21 of the 2000 Act (restrictions on financial promotion) has effect as if -

(a) in subsection (2), paragraph (b), were omitted;

(b) after that subsection there were inserted -

"(2A) Subsection (2)(a) only applies to a person in so far as the communication is necessary for the performance of a pre-existing contract (within the meaning of regulation 46 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018)."

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